The CEO of leading exchange, Binance announced that his company is ready to make its firs strategic investment in China since the day it left the Asian powerhouse back in 2017. Changpeng Zhao, the CEO of Binance is also known as CZ and has introduced this exchange in 2017. During that time, the Government had put a local trading ban that resulted either in shutting down of numerous firms completely or shifting to other locations.
Binance, the leading exchange also participated in a funding round and estimated to be with funds over $200 million hosted by Beijing-based Mars Finance, which is a crypto/blockchain data and news provider. The other names that also participated in this event or previously have invested in this venture are:
- Matrix Port – it is a Singapore-based project led by former CEO of BitmainJihan Wu.
- Ceyuan ventures – it is a Beijing-based venture capital firm.
- OKCoin – It is a digital trading platform that provide spot trading services which are founded by Star Xu.
- Huobi- it is one of the leading digital currency trading platforms.
- IDG Capital- It is a US –based venture capital firm.
Binance to invest in Mars Finance
Mars Finance, which is considered as a Brainchild of Wang Feng, who is a Chinese entrepreneur been active in the crypto space for long time. As per estimation, his digital data aggregation venture, HuoXing, has attracted a total of 124,000 monthly visits and grab at the position of 70,947 when it comes to overall web traffic.
Why Binance is heading back to China?
To get an answer of this question when there is a complete no from the coountry’s behalf to all the crypot ventures, Cointelegraph had a word with Sky Guo, who is a CEO of enterprise-focused blockchain platform Cypherium who mentioned that Binance left China in 2017 was a thoughtful step as the Chinese regulations were murky for numerous companies. Contact Binance Phone number for assistance.
Is Binance in hurry?
Knowing that the Chinese government has made it crystal clear that it is not interested in getting into crypto-related financial avenues and Binance’s decision to come back in this country is a big surprise for everyone – especially when the Government is completely against this idea and its policies would make it real difficult for the exchange and other firms,in both the states be it in logistical or economical standpoints.
Lately in conversation with Cointelegraph, co-founder and Chief Marketing officer of Binance Yi He said that any investments has its own risks and their investment in this Mars Finance is not a crypto investment step.